‘China’s Nasdaq’ nears record high as strong tech momentum buoys Asian stocks
Asia’s stock markets received a boost as US tech giants reported strong results and President Donald Trump signalled more Iran peace talks
Stocks across Asia rose on Wednesday, after strong earnings by several US tech giants drove a Nasdaq-style technology board in China near a record high and US President Donald Trump said he would hold off on a contentious escort operation in the Strait of Hormuz.
Shares worth a combined 3.2 trillion yuan (US$474 billion) changed hands on the Shanghai and Shenzhen exchanges, the sixth-busiest trading day this year.
South Korea’s Kospi index surged 6.5 per cent to an all-time high, with bellwether company Samsung Electronics surpassing a US$1 trillion valuation on the AI spending boom.
A solid reading on earnings cards from US tech firms Advanced Micro Devices (AMD) and Super Micro Computer reinforced the narrative that the oil shock was not disrupting the tech industry’s massive investments in artificial intelligence, which is fuelling demand for computing power and data centres.
Both the S&P 500 and the Nasdaq 100 index in the United States rose to record highs on Tuesday.
Adding fuel to the rally was Trump’s comment that he would halt Project Freedom – a controversial plan to escort stranded ships through the Strait of Hormuz – to see if an agreement with Iran to end the war could be finalised. Oil futures slumped around 1 per cent after the US president posted on social media.